Question & Answer: The trial balance of Sage Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year……

The trial balance of Sage Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year.

SAGE FASHION CENTER
TRIAL BALANCE
NOVEMBER 30, 2017
Debit Credit
Cash $32,880
Accounts Receivable 36,820
Inventory 48,120
Supplies 8,620
Equipment 139,240
Accumulated Depreciation-Equipment $26,120
Notes Payable 54,120
Accounts Payable 51,620
Common Stock 93,120
Retained Earnings 11,120
Sales Revenue 764,500
Sales Returns and Allowances 4,200
Cost of Goods Sold 495,400
Salaries and Wages Expense 138,840
Advertising Expense 27,460
Utilities Expenses 15,160
Maintenance and Repairs Expense 12,100
Delivery Expense 16,700
Rent Expense 25,060
Totals $1,000,600 $1,000,600

Adjustment data:

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Question & Answer: The trial balance of Sage Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year……
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1. Supplies on hand totaled $4,620.
2. Depreciation is $16,590 on the equipment.
3. Interest of $11,470 is accrued on notes payable at November 30.

Other data:

1. Salaries expense is 70% selling and 30% administrative.
2. Rent expense and utilities expenses are 80% selling and 20% administrative.
3. $30,000 of notes payable are due for payment next year.
Maintenance and repairs expense is 100% administrative.

PART 1: Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select “No entry” for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

Part 2: Prepare an adjusted trial balance.

Part 3: Prepare a multiple-step income statement for the year. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Part 4: Prepare retained earnings statement for the year.

Part 5: Prepare a classified balance sheet as of November 30, 2017. (List current assets in order of liquidity.)

Part 6: Journalize the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select “No entry” for the account titles and enter 0 for the amounts.)

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